VARES PROJECT PRODUCTION GUIDANCE & UPDATE
Adriatic Metals PLC (ASX:ADT, LSE:ADT1, OTCQX:ADMLF), is pleased to publish its initial production guidance and provide an update to the commissioning of the Vares Silver Project in Bosnia and Herzegovina.
Initial production guidance targets have been provided based on a revised mine plan following the updated Ore Reserves statement announced on 20 December 2023:
.
First concentrate production is expected in Q1 2024.
– The commissioning of the Vares Processing Plant is progressing well, however there are a few weeks delay due to limited availability of instrumentation technicians and equipment delays due to shipping being rerouted from the Suez Canal. Additional staff have been appointed and all equipment is now on site and being commissioned.
– All project-related infrastructure, such as road, railway, electricity, water treatment and additional support services have been completed and are being prepared for operations.
The fourth and final US$30m tranche of senior secured debt (“Senior Secured Debt”) from Orion Mine Finance (“Orion”) has been drawn down.
The first quarterly debt repayment to Orion has been rescheduled from 30 June 2024 to 31 December 2024, with quarterly repayments thereafter.
Adriatic remains fully funded for plant completion and ramp up.
Ann: Vares Project Production Guidance & Update, page-2
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